breaking bad. the government goes after 2 jp morgan traders for allegedly cheating clients. in today's cover story... con artists are capitalizing on health care confusion. plus... remember those mermaid entertainers from the 40's? how they are making waves today... and...will apple's massive success translate into a box office smash! first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning! it's thursday, august 15th.i'm angela miles. in today's first look: the dow took a triple digit tumble wednesday.the blue chips fell 113 points, the nasdaq down 15

and s&p lost 9.the market lost ground on concerns over the fed's next move and soft sales numbers from macy's. gold up $15 oil up 12 cents.cisco skids on earnings.the stock fell more than 2 dollars after the close.the tech company topped ananlyst expectations but the ceo says the economy is challenging and inconsistent. cisco is cutting 4,000 jobs. fight for flight.attorneys for american airlines and u.s. airways are gearing up for a courtroom battle to prove the merging of the airlines won't hurt consumers. the government is blocking the deal with a lawsuit. todd horwitz joins us now, he's with average joe options. good morning and there has been some selling in this market my friend. > >good morning angie. yes there has been some selling. very muted. if you take a look at the bigger picture we're

really range bound between 1680 in the s &p on the downside and 1700 on the upside. and in the last nine days, we have not violated either side of that. so, although it feels busy we are lacking volume and volatility. yesterday was a little bit of a selloff but it certainly didn't get carried away, it certainly wasn't done on any real volume or any real panic. > >and you're my bear on the show so that sounds like a mild situation to me. moving into inflation---some inflation numbers came out yesterday. we also heard from the fed president saying that we might see some runaway inflation in the distant future perhaps. what do you think? there was a bit of a move in gold yesterday. > >gold did have a nice move and i think it still has a good resistance level--about 1350. i think the fed now is scrambling. the fed is in trouble and i don't think they're gonna be able to taper so fast. and i think we have

more of a problem of deflation or disinflation here. because they have not created any growth so there is no real movement in the markets through money. it's all been done artificially. so although {inaudible} came out yesterday and said something what we're really seeing is that the interest rate market itself is pushing interest rates higher which is counter to what the fed wants to do right here. and i think the fed's in a little bit of trouble and i think this meeting in september is gonna tell a big story. but i think the market's looking for a pretty good selloff once we get things rolling here. > >thank you for your time today. have a good training day. > >thank you. you too. the department of justice is naming names as it levels criminal charges in the jpmorgan chase "london whale" trading scandal. the bad bets caused the bank to lose 6 billion dollars last year. federal prosecutors and the sec accuse a former managing director and a former trader of conspiracy and wire fraud. the u.s. attorney for manhattan alleges the suspects mislead investors, regulators and the public. the s-e-c's civil complaint states the traders "brazenly accumulated a massive position in derivatives, then lied to cover up their losses when the

market turned against them." jpmorgan chase is not commenting on the new charges. now onto an update on the attempt by lawmakers to breakup the banks. senators elizabeth warren and john mccain are leading the charge to re- instate a section of the glass- steagall act that would seperate traditional banking from investment banking..politico reports lawmakers in at least 18 states have introduced legislation calling on congress to break up the banking business.some members of the tea party don't want government involved with bank rules. citigroup is scaling back. the bank is reportedly backing off from alternative investments that have, according to the wall street journal "caused regulatory and financial headaches for the bank."the pressure is on for banks to exit hedge funds and private equity -- under dodd frank regulation. citi is the latest bank to scale back on the investments. jpmorgan made a similar move last month. discover is offering more than

credit cards... this week the company moved intoome equity loans. discover estimates 80% of its customers are home owners. and wants to compete against quicken loans. discover will offer home equity loans up to $100,000. fixed rates will range from 5.99% to 11.99%. during the financial crisis many homeowers took on too much debt using home equity lines. four and a half months before some of the largest components of health care reform take effect, there are scammers trying to use the law's ambiguity for financial gain. as our cover story explains, their targets are individuals who'll be signing up to buy health insurance on their own. the better business bureau says scammers posing as federal representatives are conning people into giving personal bank and credit card information in order to qualify for obamacare. it is a false pretense and has been happening

more often as health exchange enrollment nears. "the calls are increasing . we're getting hundreds in the chicago area and across the nation, thousands of people have been victimized." investigators admit scammers are using uncertainty about who will be impacted first when obamacare goes into effect. "some states are starting exchanges, some aren't. the exact rules are a little unclear." and there have been recent changes.large employers got a one-year delay in offering insurance to their workers. and another one-year delay in determining who will qualify for government subsidies to buy insurance. and enrollment in health exchanges has been extended from october through the end of march add to these changes---phone calls from out of the blue. "unfortunately, these are sophisticaled callers who sound official. you should never give personal info to someone who phones you up." for now, there are websites to

help explain obamacare. one of them is the non-partisan, non- profit enrollamerica-dot-org. it's available to answer questions about enrollment in health insurance exchanges, and the push to educate americans about who pays and how much,state by state. "none of this happens until october 1st. if someone calls you, forget about it." as for the scammers, the better business bureau says if you are suspicious--one tip is to ask for the caller's number and say that you'll call them back.more often than not, the bureau says the scammer will give up. virtual money --known as bit coins-- have lawmakers considering regulating the currency. state and federal officials are said to be starting up investigation in the modern money. bit coins are used in online transactions and currently go unmonitored.bit coins are stores digitally in computers. the price of the bit coin is bid up by buyers.at last check bit coins were being sold for around $108 dollars on line. a rival bid to take musical instrument company steinway private -- stole the show. shares hit a high note on word the company agreed to be purchased by hedge fund paulson & company for $40 dollars a share. shares shot up 7% before

closing the day at 41 dollars.earlier this summer-- the kohlberg company made a 35 dollar a share offer.steinway is now paying kohlberg a 6 million dollar fee to terminate that deal.the buyout is expected to close in september. debt is on the decline in america. house hold debt including mortgages, credit cards, and auto loans fell $78 billion in the second quarter to $11.15 trillion. sounds like a lot but it's the lowest level since 2006. debt is dwindling as the housing market improves giving americans the opportunity to sell homes they cannot afford. europe is also making steps in the right direction as it emerges from recession.gdp has increased three-tenths of a percent--- with germany and france reporting in solid gains. the data beat many economists' expectations. however, critics are saying the region is not in the clear just

yet. on september fourth, the g-d-p numbers released this week will be revised -- which could indicate more clearly where the eurozone stands in its recovery. boeing is still working out kinks with its dreamliner 787s. in the latest round of trouble... japanese airline ana holdings reports an electrical wiring problem in the engine fire extinguishers.the issue was discovered during pre-flight maintenance of a jet at tokyo airport.in july a fire broke out on an ethiopian airlines 787.earlier this year the jets were grounded for lithium ion battery trouble. investigations continue into the crash of a ups cargo plane.the airbus a-300 jet crashed near an alabama airport, killing two pilots on board. sources say the plane caught fire before hitting the ground. ups says the pilots were the only passengers on the flight. trader's have an eye on retail earnings coming out this morning...especially in light of disapointing results from macy's yesterday. the department store chain lowered it's profit out look for the years-- as

sales numbers dipped on lackluster spending by consumers .. the retailer is however pleased with how back to school shopping is shaping up. growth in the farming industry allowed deere and company to plow past wall street's expectations.the tractor and equipment maker churned up revenue of 10 billion dollars. a 12% spike over last year. chipotle is changing its standards on its beef supply due to a meat shortage. the chain will soon serve beef treated with antibiotics -- a practice it had previously steered away from in favor of offering only naturally-raised meat. beef production is expected to hit a 21 year low in 2014. it could be a turning point for the tech sector, as more women are finding jobs. usa today reports the male dominated industry is attracting more female workers. while a pay gap between men and women remains, online job site dice finds the gap is closing, and women's salaries are catching up with those of males in the industry.

still to come: fee phaze-- a shocking report on new charges at hotels. plus.... how mermaids are providing a refreshing boost to tourism. but first....a legend comes to life on the big screen. will the bio pic of steve jobs live up to expectations? stay with us for movies and money, next.

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the overachieving success of apple founder steve jobs plays out the big screen this weekend,our movie guy eric childress is here. he has screened the movie for us. how many stars? > >out of four? two. > >two? > >and that's probably being generous. it's a very generic treatment of steve jobs and considering that aaron sorkin has developing his own steve jobs screenplay, it's the version that you want to see--- i don't know if it's going to get made but it really feels like a faux social network in a way. the way we sort of see the rise of him through the ranks at apple and his downfall and all that stuff. but, ashton kutcher---he's really trying to act and whatnot but the film just kind of has an odd structure.and it really doesn't do a service to jobs. it kind of shows him in a negative light a lot of the time which is fine,

he is human and all, but the film really doesn't show the inspiration. it was sort of like he had an idea and everyone else did all the work. > >or maybe you just said it at the beginning---social network was so good that the bar was very high. > >it's true but it's not the same people doing it. it's apples and oranges to an extent. but it really has the feel of someone trying to do a social network and just not delivering. > >also coming out at the box office this weekend along with "jobs" is "the butler"...what do you think about "the butler?" you've not screened this but will it be a big winner at the box office? > >the weinstein company has a history of not delivering big

openings, especially during the summer. they've had some successes with quentin tarantino but not so much with films like this. i think maybe sort of a mid teen opening, we'll see how plays---they're trying to market it as this year's "the help" in a way-- which is not gonna generate that kind of success. but with oprah it has gotten some publicity so we'll see how it does. > >i'm going to see it this weekend so i'll let you know. > >well there you go. you can tell me how it is. > >and at the box office last weekend, here's a look at those numbers...are we getting any closer to any type of record breaking summer here? > >we actually are surprisingly enough. we're at the tail end of what looks like is going to be the biggest summer in box office history. 2011 set the record---4.3 some billion. we're about 330 million away and we have about 2 1/2 weeks up until labor day---sort of the unofficial end of summer that i think is gonna happen. i think probably by next weekend we'll

have the record set. > >what would be your pick for this weekend? actually you can pick two. > >well, i think of the new movies i think 'kickass 2' is going to be the film that does the best box office amongst the newbies. but i think 'we're the millers' is actually gonna challenge it for the number 1 spot. i think it's had really good word of mouth, i think it's gonna be a late summer sleeper. even though halfway from setting the record, august---we have not had an august without a $100 million grosser since the 2000s. and so 'we're the millers' is probably the only film this month that even has a chance to break that record and that's going to be a struggle too. > >thanks for coming back eric. > >thank you. coming up.... are hotel charges getting out of control? we'll take a look at the shocking fine print.... but first...are mermaids in florida stealing tourists from mickey mouse? first business continues right after this.

hotels are running wild with fees! a study finds hotels are expected to rake in a record

2.1 billion dollars in fees this year.the charges are getting creative...including early departure fees, room service delivery and using the in-room safe. the good news? the study finds the industry is actually running out of ideas for the add ons. before the state of florida became a popular destination for disney world and universal studios fans , unique roadside attractions lured in visitors. now the state is stepping in to save some attractions, one of which has fin fans. jackie keenan reports from florida. (welcome to weeki wachee) the curtains rise, little girls sit breathless, and behind the glass - mermaids dance. this is weeki wachee. an historic florida roadside attraction. located 30 miles north of tampa, the park sits on crystal-clear springs, and under the springs, mermaids give quite the show. "we were probably the

quintessential roadside attraction, a gentleman by the name of newton perry had this idea of taking synchronized swimming underwater. and that's how the whole concept of the week wachee mermaids began." it began in 1947, and by the 60s, when visitors flockedto florida for beaches and sunshine, weeki wachee mermaids performed for nearly a million visitors every year. but soon after , attendance took a deep dive. in the early 70s, mickey mouse became more popular than mermaids and tourists stayed put in orlando. weeki wachee shuffled owners and eventually fell into disrepair. early in the last decade attendance averaged only 160,000 per year. but today, mermaids have something to smile about. more and more visitors are discovering weeki wachee every year, and for that, the park has the state of florida to thank. in 2007 when investors didn't

want to sink any more money into the attraction, the state stepped in i to save weeki wachee's tails. today it's florida's newest state park, and weeki wachee has the funds needed to stay afloat. and floridians are rediscovering the park. last year 263,000 nostalgic, mermaid gawkers visited. "i don't ever like to use the word guaranteed but it does ensure that it will be here for many generations to come." most of florida's other historic roadside attractions weren't as lucky as weeki wachee. most are closed. they simply couldn't compete with orlando's shiny theme parks. but weeki wachee with its roaming peacocks, waterslides, clear springs, and of course, dancing mermaids, luckily keep florida residents interested. like these 8-year-old mermaid- enthusiasts who visit every year on thier birthdays.

who likes mermaids? me!! for first business news, i'm jackie keenan. the next historic florida roadside attraction to become a state park is silver springs. the once crystal-clear springs are now polluted with algae. the transition to improve the property happens in october. money continues to pile on for the nfl. forbes calls it the most lucrative sports league "in the world"! the nfl's 32 teams are worth an "average" of $1.17 billion dollars.that is 5% higher than last year, due to increasing revenue.the dallas cowboys top the most valuable list-- followed by the new england patriots, washington redskins, new york giants and houston texans. still ahead--- to much too soon? -- why one trader believes cisco's sell off was overdone last night... chart talk is next

cisco systems had a very busy night last night off of earnings. joining us now is trader matt cavanaugh of cmz trading. and i suspect this will leak into trading today. what do you see in the charts on this stock? > >this is a stock that's had a really nice run--up 25 percent over the last 3 months and up 50 percent over the last year so i see the stock at a critical level---it's at a support level and i'm cautiously optimistic here. i bought a little bit of the stock sub 24 and it should be interesting to see that whether people think this is

overdone here or are people starting to get a little bit nervous about holding in this market. > >so there's a possibility for a rebound for the stock. it wasn't a horrible report--cisco actually beaten by a penny---but i think it was the ceo comments about the economy that distressed people. > >absolutely, whenever you see a tech company that arguably may be the number 1 company say we've got a really challenging global macro economic environment. people are gonna say wait a sec---and that's exactly what happened. so cisco has really been firing on all cylinders but giving people reason to pause. > >thank you for that update matt. > >thank you. coming up tomorrow... will apple stock make a return this year back above $700, what traders are tell us happens in tomorrow's show. from all of us at first business.. have a great thursday..

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